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UNDERSTANDING BUYING BEHAVIOR IN THE NEW DIGITAL AGE

In the past few years, the data analytics revolution has continued unabated in the worlds of B2B and B2C. The rise of data analytics is resulting in increased budgets and staff to account for the volume of data that can now be computed and accessed. This growth in the volume of data has spawned numerous types of data analytics services provided for marketing and sales management to deal with the ever-increasing volume of data. Insular We Have Become While organizations may have decreed that the purpose for all this data crunching is for customer-centricity, something else may be happening unintentionally. …

Every couple of years, a new acronym or buzzword takes a foothold in the world of marketing. ABM, the acronym for Account-Based Marketing, is the latest rage. It is an example of how an old concept can be recycled and be claimed anew again. In the 1980’s and 1990’s, ABS, the acronym for Account-Based Sales, was all the rage then. The concept derives from the notion that your best customers are your existing customers. And, that within large enterprises, there were many available sources for revenue growth within large accounts. This led to more sophisticated selling approaches, such as Consultative…

Many executives, particularly Chief Marketing Officers, are in constant pursuit of understanding changing buyer behaviors and markets. Which, for the most part, remains an elusive and challenging endeavor. In the past ten plus years, we have seen a tumultuous upheaval in both the world of buyers and how marketing is adapting. As business leaders and marketing leaders look ahead to the future, the ever-expanding global digital economy will undoubtedly cause further disruption. Charting a course for future growth becoming increasingly difficult. Despite the advent of an overflowing introduction of new marketing approaches, acronyms, and concepts in the past decade, the…

B2B companies are faced with the most transformative era in business history. On a greater scale than that of the first Industrial Revolution over a century ago, we are witnessing a technological and digital revolution that will disrupt business-to-business profoundly in the next 10 years. The scale of which is still unpredictable and undoubtedly will continue to have more disruption in store for businesses over the next decade. The scale of disruption will mean the B2B buyer and seller dynamic will continue to be rocked. We are seeing many industries feel the impact of new technologies upending previously accepted norms of…

In the past five years, the often-unquestioned hymnal has been that to succeed in today’s digital world, businesses must produce content. Produce high-quality content, yes. But, produce massive amounts of it to get in front of customers. According to various statistics on the Internet, we are living in a world where every minute over 200 million items of online content is produced. Where nearly 1500 blog posts are posted every minute. Whereby over 200 million email message are sent every minute. The amount of content exploding online is staggering. Leaving the content dilemma facing many organizations – how to stand…

In numerous surveys of CEOs in the past few years, predictably, you will find growth strategies as one of the top priorities going into any new year. Strikingly, in these same few years, you will also find developing customer understanding also on the list of CEO priorities. What is changing in the past two years, is that CEOs are focused on globalization and digital transformation. Per recent surveys by IBM, KPMG, and Gartner, you will find that more than half of CEOs surveyed believe their organizations will be significantly transformed by digital-centric globalization. What becomes clear considering these surveys is…

The primary course of conversation in the past few years for CMO’s and their marketing teams has centered around customer centricity, customer experience, and content marketing. For good reasons too. Customer behaviors have significantly shifted in the last decade impacting conventional thinking on the role of marketing and sales and their abilities to connect with customers. We have also seen organizations struggle with how best to adapt to new market dynamics related to customer behaviors and the role of content in reaching customers. What CMO’s need to be on guard for is falling prey to a myopic view of customers…

One of my favorite apps is the Starbuck’s app. Being a coffee lover, the app is a major convenience for getting coffee at the nearest Starbuck’s location. Admittedly, the app serves very well as a motivator to stop at Starbuck’s versus elsewhere. So that I continue to reach the goal of enough stars to get the occasional free drink plus other offers. It has long been established in the disciplines of the social sciences that individual and team motivation to achieve a goal or set of goals are powerful drivers influencing choices and decisions. For example, the Starbuck’s app definitely…

The transformation to a digital economy has shifted behaviors considerably in the past decade. Meaning marketers today must account for how to adapt to behavioral shifts caused by the omnipresence of digital and online information. As a for instance, people today have no more than a 7 to 10-second span of attention when online. Even more compelling is the greater influence of mobile and digital social platforms on reducing attention span and creating filtering behaviors in purchases. The digital transformation is causing many CMOs today to reevaluate exactly what content marketing may mean to their overall marketing strategy. Marketing Campaigns:…

In the 15 years since originating the concept of buyer personas in 2001, there has been one issue that continues to plague fully understanding exactly where, how, and why buyer personas can be beneficial. Compounding the issue today is the prevalent use of the term buyer persona to describe customer segmentation and buyer profiling efforts. The issue I am referring to is the confusion that can surround distinguishing between customer segmentation, buyer profiling, and buyer personas today. If you are a CMO or a marketer and you find yourself having a sudden realization that perhaps you are not quite sure…

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